House Democrats’ Revenue Package Moves Through First Senate Committee
Revenue Package Will Mitigate Harmful Cuts to Education, Medicaid, and Other Vital Services
Santa Fe, N.M. - Today, the House Democrats Revenue Package that would mitigate harmful cuts to education, Medicaid, and other vital moved through the Senate Corporations and Transportation Committee.
During the committee, the bill sponsor Carl Trujillo (D-Santa Fe) said, “The reality is we have to raise revenue—we all know this. The proposals included in this bill will make our tax system more fair and bring in new money that will allow us to budget for the next year.”
HB 202 is comprised of a package of provisions to raise new money for the state to mitigate and avoid further devastating cuts to education, Medicaid, and other critical areas. Budget predictions from the nonpartisan Legislative Finance Committee project a $120 to $125 million hole for fiscal year 2018. The new revenue package will generate an estimated $250.3 million in FY18 and $255.3 million in FY19. This revenue will balance the budget and mitigate further cuts to critical programs, but it will also raise the state’s cash reserves to 3% of expenditures.
HB 202 will now move to the Senate Finance Committee.
For more details on the revenue package, please see the updated factsheet HERE.